India’s May palm oil imports hit 4-month high

MUMBAI: India’s palm oil imports rose by 11.6% in May from the previous month to reach the highest level in four months as its discount over rival oils led to higher purchases, a trade body said in a statement on Thursday.

Higher palm oil purchases by India, the world’s biggest importer of vegetable oils, could support the benchmark Malaysian palm oil futures. India’s palm oil imports rose to 763,300 metric tons, the highest since January, the Solvent Extractors’ Association of India (SEA) said.